JPMorgan SmartSpending 2020 Fund

Data updated: 2022-02-25

C000219814 — JPMorgan SmartSpending 2020 Fund. Target Date / Glide Path Allocation · $27.31M AUM. Holdings, fees, performance and SEC filings.

C000219814 Fund Overview

JPMorgan SmartSpending 2020 Fund is a US mutual fund managed by JPMorgan Trust IV, categorised as Target Date / Glide Path Allocation. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

Type: US mutual fund
Manager: JPMorgan Trust IV
Category: Target Date / Glide Path Allocation
Assets under management: $27.31M
1-year return: 5.5%
SEC CIK: 0001659326
SEC series ID: S000068804
Share class ID: C000219814

C000219814 Investment Objective and Strategy

JPMorgan SmartSpending 2020 Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by JPMorgan Trust IV.

Investment objective

The Fund seeks to provide total return consisting of current income and some capital appreciation.

Principal investment strategy

The Fund is intended for investors who retired on or around the year 2020 and intend to spend down their holdings in the Fund. The Fund will invest in J.P. Morgan Funds and directly in securities and other financial instruments according to an investment strategy that seeks to achieve a level of total return that supports shareholders systematically redeeming, or spending down, a portion of their investment in the Fund each year until December 31, 2055 (the Funds maturity date). In implementing the Funds investment strategy, J.P. Morgan Investment Management Inc., the Funds investment adviser (the Adviser), will take into account both a sample spend down amount and related long-term risk and return targets. The sample spend down amount is a generic hypothetical example produced by the Adviser each year that seeks to estimate a percentage of a shareholders investment in the Fund as of the beginning of the year that theoretically could be redeemed by a shareholder during that year while still allowing for redemptions in future years through the maturity date.

It attempts to balance income needs in the current year against longevity needs (i.e., the need for income in the future). The related long-term risk and return targets represent the investment return the Adviser seeks to achieve over the long-term and the risk level (i.e., the volatility of the Fund achieved by balancing between asset classes) the Adviser seeks to take to achieve that long-term return in light of the sample spend down amount. The sample spend down amount will be made available in January of each year on the Funds website at www.jpmorganfunds.com and by calling 1-800-480-4111. In determining investments, the Adviser will employ a multi-step process that utilizes both quantitative and qualitative inputs. First, on a date within 60 days prior to the start of each calendar year (the calculation date), the Adviser will use a quantitative methodology that takes into account various factors, such as past market performance, assumptions regarding future market performance, remaining time to the maturity date and data on the spending behavior of retirees in the market, to produce a preliminary sample spend down amount and associated long-term risk and return targets for the Fund.

Second, the Adviser will conduct a qualitative review of the preliminary sample spend down amount and long-term risk and return targets based on its capital market views, the yield and volatility environment and retiree spending habits in the market as of the relevant calculation date, among other things, and finalize each for the relevant year. The Adviser will then actively manage the Funds portfolio, including the allocations between asset classes and investments, in an effort to seek to achieve the long-term risk and return targets and provide for the sample spend down amount. The process described above will be repeated on an annual basis. Because the Adviser will review the sample spend down amount and long-term risk and return targets on an annual basis taking into account the factors noted above, asset allocations are not expected to be static from year to year.

Rather, the Adviser expects that allocations between asset classes will vary and typically fall within the following ranges: Global Equity 2050% Global Fixed Income 5070% Alternatives 020% Cash & Cash Equivalents 020% In addition to the annual review, the Adviser will actively review the allocations between asset classes during the year in an effort to manage the Funds overall volatility. In doing so, the Adviser may deviate from the expected allocation ranges noted above by +/-15% based on the Advisers market outlook and/or in response to market conditions. For example, the Adviser may, among other things, seek to increase allocations to the global fixed income asset class based on its market outlook in an effort to decrease the Funds volatility and preserve capital. The Adviser may also, among other things, seek to increase allocations to the global equity asset class to take advantage of what it believes is an investment opportunity, provided the Adviser believes the Funds expected volatility level as a result of the investment will be at a level consistent with the long-term risk and return targets.

In instances where the Adviser believes that conditions are not favorable and substantial de-risking is necessary to preserve capital, deviations beyond +/-15% may occur. Updated information concerning the Funds allocations will be available in the Funds shareholder reports and on the Funds website at www.jpmorganfunds.com from time to time. The Fund gains exposure to the asset classes noted above through investments in mutual funds and exchange traded funds (ETFs) within the same group of investment companies (i.e., J.P. Morgan Funds), market cap weighted index ETFs that are managed by unaffiliated investment advisers for the limited purposes described below (unaffiliated passive ETFs) (collectively with the J.P. Morgan Funds, the underlying funds) and/or through direct investments in securities and other financial instruments.

The Adviser currently anticipates that the Funds investments will consist mainly of J.P. Morgan Funds and unaffiliated passive ETFs, with a majority in J.P. Morgan Funds. However, the amount of the Funds assets allocated to J.P. Morgan Funds, unaffiliated passive ETFs and direct investments will vary over time and the Fund may be invested entirely in J.P. Morgan Funds, unaffiliated passive ETFs or direct investments at any given point in time. In selecting underlying funds, the Adviser expects to select J.P. Morgan Funds without considering or canvassing the universe of unaffiliated underlying funds available, even though there may (or may not) be one or more unaffiliated underlying funds that investors might regard as more attractive for the Fund or that have superior returns. For actively-managed underlying funds, the Adviser limits its selection to J.P.

Morgan Funds. For passive ETFs, the Adviser expects to use a J.P. Morgan ETF unless the Adviser determines the investment is not available. To the extent the Adviser determines in its sole discretion that an investment in a J.P. Morgan passive ETF is not available, only then will the Adviser consider an unaffiliated underlying fund. The Fund may invest in securities denominated in any currency and may invest in both developed and emerging market countries. Developed countries include the United States, Australia, Canada, Japan, New Zealand, the United Kingdom, most of the countries of Western Europe and Hong Kong; emerging market countries include most of the other countries in the world. With respect to its global equity investments, the Fund may invest in common stock, preferred stock, convertible securities, depositary receipts, warrants to buy common stocks, and underlying funds.

With respect to its global fixed income investments, the Fund may invest in bank obligations, convertible securities, U.S. government securities (including agencies and instrumentalities), asset-backed securities, mortgage-backed and mortgage-related securities (which may include securities that are issued by non-governmental entities), domestic and foreign corporate bonds, high yield securities (junk bonds), loan assignments and participations (Loans), debt obligations issued or guaranteed by a foreign sovereign government or its agencies, authorities or political subdivisions, floating rate securities, inflation-indexed bonds and inflation-linked securities such as Treasury Inflation Protected Securities (TIPS), and underlying funds. The Funds alternative investments may include individual securities, underlying funds, and exchange traded notes (ETNs).

The investments in this asset class may give the Fund exposure to: market neutral strategies, long/short strategies, merger arbitrage strategies, real estate (including real estate investment trusts (REITs)), currencies and commodities. The Fund may also invest in derivatives, which are instruments that have a value based on another instrument, exchange rate or index. The Fund may use derivatives, such as futures contracts, options and forwards, to more effectively gain targeted equity and fixed income exposure from its cash positions, to hedge investments, for risk management and to attempt to increase the Funds gain. For example, the Fund may utilize exchange traded futures and options to gain exposure to, or to overweight or underweight its investments among, the various asset classes and for interest rate risk management to adjust the duration position of the Fund.

The Fund may also use exchange traded futures for cash management purposes. Forward currency transactions may be utilized to hedge exposure to non-dollar investments back to the U.S. dollar. Futures and options used to adjust the duration position of the Fund are not subject to or included as part of the Funds stated fixed income ranges. Underlying funds in which the Fund may invest may also use derivatives. The Fund may enter into short sales. In short selling transactions, the Fund sells a security it does not own in anticipation of a decline in the market value of the security. To complete the transaction, the Fund must borrow the security to make delivery to the buyer. The Fund is obligated to replace the security borrowed by purchasing it subsequently at the market price at the time of replacement.

The underlying funds in which the Fund may invest may also enter into short sales. The Fund is not a target date fund that follows a glidepath in which the mix of investments among asset classes becomes more conservative over time according to a predetermined path. Rather, the Funds allocations among asset classes will vary from year to year and may become more conservative or more aggressive in any given year based upon the Advisers annual review, but without regard to any particular shareholders behavior. Because it is assumed that shareholders will be spending down amounts invested in the Fund each year until the maturity date, the Funds assets are expected to decline over time and approach zero on the maturity date, at which time it is expected that the Fund will be liquidated. The Adviser anticipates that the sample spend down amount will increase as a percentage of a shareholders investment in the several years immediately preceding the maturity date and that the sample spend down amount will be 100% of a shareholders investment in the year 2055.

As a result, the Fund and the sample spend down amount may be less useful for those who invest closer to the maturity date. The sample spend down amount is not expected to be level from year to year and instead will likely vary each year based upon changes in the underlying considerations noted above. The long-term risk and return targets of the Fund in any given year, including any income and gain from investments earned by the Fund, is not designed to be equal to or greater than the sample spend down amount for such year. This means that if you choose to follow the sample spend down amount, you will likely be redeeming shares and your investment in the Fund will be reduced. The sample spend down amount assumes the reinvestment of distributions in additional shares of the Fund. As a result, if distributions are not reinvested, following the sample spend down amount without adjusting for distributions not reinvested will increase the likelihood that a shareholder will (i) have insufficient shares for redemption in future years and (ii) exhaust his or her assets in the Fund prior to the maturity date.

The sample spend down amount is not designed to comply with any required minimum distribution rules applicable to tax-deferred retirement accounts nor does it take into account any tax considerations to shareholders (including, for example, any early withdrawal penalties that may be imposed on shareholders in tax-deferred retirement accounts).

C000219814 Performance

Total returns for C000219814 (as of 2026-10-01), from SEC filings.

Period	Total return
1 year	5.5%

C000219814 Risk Information

Risk metrics for C000219814, derived from monthly returns in SEC filings.

1-year volatility (annualised): 3.9%

C000219814 Costs and Fees

C000219814 costs about $94 per $10,000 invested per year in fund expenses.

Net expense ratio: 0.94%
Gross expense ratio: 1.44%
Portfolio turnover: 95%
Brokerage commissions: 0.83 bps of average net assets (SEC N-CEN)

C000219814 Cashflows

Over the 12 months to 2021-12, JPMorgan SmartSpending 2020 Fund had net outflows of $114.07K, from monthly SEC N-PORT filings.

Month	Net flow
2021-12	$465.03K
2021-11	$220.69K
2021-10	−$421.78K
2021-09	−$413.63K
2021-08	$195.88K
2021-07	−$98.01K

C000219814 Debt Constituents

No individual debt constituents are reported in JPMorgan SmartSpending 2020 Fund's latest SEC N-PORT filing.

C000219814 Prospectus and SEC Filings

Official JPMorgan SmartSpending 2020 Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

Related Funds

Other Target Date / Glide Path Allocation funds tracked on ABC INVEST:

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.